NTUC SilverCare Review- Why get personal accident for your aged parents!
NTUC launched the SilverCare plan in 2012 as a basic accident insurance plan specially for the elderly. According to this StraitsTimes article in 2015, NTUC Income had about 5,000 elderly taking up the plan by then.
It paid out more than 300 claims with each claim about $600 on average.
I had a client who wanted a comprehensive coverage for her mum and this is why this plan was part of my recommendations to her.
NTUC SilverCare's outpatient coverage
You can claim for the costs of medical or dental treatment if it's due to accident.
Treatment can last up to 12 months.
You may also claim for TCM (registered chinese medicine practitioner) or a chiropractor but with a sub-limit of $50 per visit.
Rehabilitation and physiotherapy can also be claimed (up to $100 per visit in each policy year).
Yearly limit of $500.
Claims must be within 90 days from the date of the accident, as confirmed by a medical practitioner,
NTUC SilverCare's inpatient daily hospital cash
The plan also provides daily hospital income If you are staying in a hospital as an inpatient due to an accident. Do note that it is for each complete 24-hour period that you stay as an inpatient in the hospital.
This is paid for up to 60 days for every accident.
For complete policy wordings, check this link.
Overall, the limit for outpatient coverage (For plan 3, it is $700 per year) is low for an accident plan.
Beyond a normal PA plan: Benefits to cover for Senior day-care, home-care or nursing-home service
You get coverage for expenses incurred in a licensed senior day-care or home-care service.
Coverage limits are quite small. For plan 3 it is $1,500/y.
Expenses must be incurred within 90 days from the date of the accident.
Use this to supplement the eldershield coverage for long term care needs.
Beyond a normal PA plan: Benefits to cover cost of modifying your home
If there is permanent disability of more than 50%, this benefit is triggered.
For example, loss of one limb due to accident. Refer to table below.
This provides for modification cost to home such as maybe making the safety hand rails for mobility etc.
In my opinion, suggested by the occupational therapist. Cost of providing training for caregiver can be within limits also.
For plan 3, it is $5,000 which can be used once in policy.
Alternative plans? Liberty SeniorCare and GE Golden Protector Plus
Liberty SeniorCare is a PA plan for elderly also for you to consider.
From first looks, the "Economy" and "Executive" plans are comprehensive too. But I haven't checked the wordings with them yet.
Great Eastern Golden Protector Plus is also for elderly.
I haven't checked on wordings but on first look, all 3 plans are comprehensive.
Last words: Why elderly people are at high risk of falling down?
Your ability to stay upright requires BALANCE and STRENGTH.
For an elderly who is compromised due to aging, old injury or health condition, it becomes very easy to fall.
Hence, your elderly parents can benefit strongly with this NTUC Silvercare plan.
Click for NTUC SilverCare brochure and premiums start from $128.40/year only!
If you are merdeka and pioneer generation, there are further discounts. It will automatically be tagged to Merdeka care and click here to read our post on it!
Premiums are the same from age 50-75.
Can be applied as long as less than age75!
Premiums for age76 is higher and only offered for renewals.
TO APPLY RIGHT NOW
It to NTUC Income's direct purchase gateway.
If you feel you have benefited from my analysis, tag me as the adviser at the bottom (yellow) of the application by keying in 630819. I'd be able to advice you when claim arise too.
Last updated on September 2nd, 2019 at 09:48 pm
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